The new year brings new ideas for home improvement. But there are specific changes that bring the most return on investment. And they’re not necessarily the priciest. Here’s a look. 

Paint  

Paint is the most effective—and even dramatic—renovation that won’t break the bank. According to experts, a fresh coat of paint typically garners a 60 per cent return on your investment.  

As a homeowner, you can take care of most of the areas in the house, but eavestroughs and frames around second-story or rooftop windows are probably best left to professionals with the proper equipment and experience.  

Professional painters can also help you choose the best colour palette for your space, as well as scrape the walls, seal trim and plaster or repair minor damage before applying top-quality paint that’s appropriate for each surface. 

Strong structures 

A strong structure translates into having a roof that doesn’t leak, windows that are in good condition, as well as properly functioning gutters and drains, and a sealed, dry and crack-free basement and foundation. 

While not as glamorous, all of these features make it easier for your home to pass the home inspection and for buyers to choose it over other properties. 

Doors and hardware 

These renovations can go from replacing the front door and adding a secure knocker and lockset to adding a baseboard and door trim. However, it’s the quality of the materials that can add more value to your space.  

For example, a solid wood front door with a quality lockset can bring $2,500 in return on investment, while solid core interior doors with hardware could bring in $250 per door.  

Kitchen  

Everybody’s favourite! Whether you invest on the lower-cost end and focus on a countertop refresh, get new appliances or switch your cabinets, kitchen renovations typically garner a 75 to 100 per cent return.  

Similar to doors, the quality of the materials you select is key to adding value to your home. 

Bathrooms  

When purchasing a property, buyers often pay attention to the bathrooms and their condition. So when it comes to yours, ask yourself what its strengths and weaknesses are—and what they’re missing—then focus on that.  

On average, a bathroom renovation budget can go from $5,000 to $10,000. However, a well-done bathroom renovation has a return of 62 per cent.  

Source: Re/Max

Regardless of where you’re buying or the market conditions, there’s one thing every homebuyer has in common: you have to make an offer to purchase a home.

Whether you’re still in the browsing stages or have started to put your plan into action, as a prospective buyer, it is wise to do some legwork and gain insight into the process of how to make an offer on a house in Canada. While your real estate agent is there to guide you, the more you know about the home-buying process, the smoother it will be.

An efficient process is especially pivotal in a seller’s market, where you’ll need to take quick and decisive action when you find a property that interests you.

Preparing for Making an Offer

Having all your ducks in a row makes home hunting easier and allows you to pounce on the perfect property when you find it.

Get Cash Ready for Your Down Payment and Deposit

Part of understanding the ins and outs of how to make an offer on a house is ensuring you have cash on hand for both your upfront and closing costs. Don’t know the difference between an upfront deposit and a down payment? Since a more robust deposit could be the key to winning a bidding war, it’s vital that you do.

Ideally, you’ve placed your savings in either a regular savings account, a TFSA (Tax-Free Savings Account), or an FHSA (First-Time Home Buyer’s Savings Account), as withdrawing the cash outright or selling investments within these accounts and then withdrawing the money will be tax-free.

On the other hand, if you need to take money out of an RRSP or sell investments to come up with the cash you’ll need, you should understand the tax implications of those actions and include them in the next step.

Creating a Purchase Budget

When you visit your bank or mortgage broker, they’ll let you know how much mortgage you’re pre-qualified/pre-approved for. But that doesn’t mean you should bid the total amount when you make an offer on a house. You’ll need to create a purchase budget to better understand what you can afford.

Break out your favourite spreadsheet software, drop in your current savings plus all your expected sources of income over the next twelve months, then add in what you’ll need for your down payment, deposit and closing costs – including any tax repercussions from liquidating registered accounts, etc.

Calculate what your monthly property tax, insurance, utilities, condo or homeowners association (HOA) fees would be, then calculate the monthly mortgage payments for various offers. For example, if you pre-qualified for an $800,000 mortgage, you’ll want to determine how offers from $650,000 to $750,000 affect your monthly mortgage payments.

By creating a budget that spans a full year (or more), you can play around with different offer amounts and know whether you’ll have enough cash left over every month to renovate or redecorate as needed or whether you’ll be “house poor”; meaning almost all your income will go towards just getting by, versus being able to truly enjoy your new home.

The maximum budget for your offers will become apparent, ensuring that you don’t get caught up in the heat of the moment and make an offer beyond what you can afford.

Do Another Walkthrough at a Different Time of the Day

If you liked what you saw during your first showing and plan to make an offer on the condo or house, consider doing another walkthrough at a different time of day.

A home inspection will tell you what you need to know about the “fitness” of the structure, electrical and plumbing, so what you’re evaluating on your second go-round is not just whether the look and location are better than homes you’ve seen before, but whether this house will suit your needs now and at least five years forward.

Visiting at a different time of day is crucial, as you might watch a neighbourhood that seemed serene and peaceful in the morning, transform into a maelstrom of constant noise and traffic after dark.

Chatting up the neighbours can also help you learn about the property and the surrounding area.

How Long to Make an Offer on a House After a Property Viewing?

While there’s no universal timeline for how long to make an offer on a house, acting quickly is typically advantageous. If you’re happy with what you’ve seen, there’s no reason to wait to make an offer. In fact, in a hot market with multiple daily showings, the sooner you can get an offer on the table, the better. In many Canadian housing markets, desirable properties can receive multiple offers within 24 to 48 hours of being listed.

Your real estate agent can provide valuable guidance on timing based on local market conditions. Remember that taking too long to make an offer on a house in Canada could mean missing out on your dream home.

How to Make an Offer on a House in Canada

Mortgage Pre-Approval

New home buyers often wonder if they need pre-approval before making an offer on a house. Unless you plan to pay cash for the house, you’ll need to secure financing, and that’s where pre-approval comes into play. It will also help if you need to move quickly with your offer.

Once you plug your pre-approved mortgage amount into your purchase budget, you’ll know exactly how much you can spend, and you’ll also be able to reassure the seller that you won’t have to back out of the purchase based on financing.

A pre-approval also locks in the current interest rate for up to 120 days, so you can shop with peace of mind, knowing that you’re insulated from rate hikes in the near future. If interest rates drop before you buy, your lender should honour the new lower mortgage rate when you’re ready to make your purchase.

Decide on an Offer Amount

When considering how high or how low an offer to make on a house, a crucial step is understanding the property’s value. To do that, you’ll want to get your real estate agent to conduct a Comparative Market Analysis (CMA), which compares the property with similar homes in the area that have recently sold, are currently on the market, or were on the market and didn’t sell. This analysis helps you gauge the house’s fair market value based on factors such as location, condition, size, and unique features.

When determining the offer amount, it’s essential to balance the property’s market value with your budget; however, the current market conditions also influence the decision.

In a buyer’s market, you may have more leeway to negotiate BELOW the asking price, whereas in a seller’s market, you might need to offer at or ABOVE the asking price to be competitive. Your offer should reflect both the property’s worth and what you can afford, keeping in mind that your initial offer sets the stage for all future negotiations.

Additional Considerations

When making an offer on a house, there may be additional considerations beyond the offer amount, such as a home inspection, mortgage financing and an agreement on a closing date, which are crucial for a successful transaction. When thoughtfully addressed in your offer, they protect your interests, demonstrate your commitment to the seller, and make your offer more appealing.

When learning how to make an offer on a house in Canada, you’ll also want to consider several other factors beyond price that can strengthen your position:

• Earnest Money: Offering a larger deposit can signal your serious intent to purchase

• Possession Date Flexibility: Accommodating the seller’s preferred moving timeline

• Contingency Limitations: Fewer conditions make your offer more attractive

• Repair Requests: Being reasonable about what you’ll ask the seller to fix

We’ll go into more depth on some of these conditions below.

Real Estate Paperwork

When you’re ready to make an offer on a house, your agent will draw up the necessary paperwork, typically referred to as a Real Estate Purchase Agreement, although its name may differ across the country. According to Canada Mortgage and Housing Corp., your offer documents must include the following specific details in order to be valid:

• Your legal name, the name of the seller and the address of the property

• The amount you’re offering to pay (the purchase price) and the amount of your deposit

• Inclusions and exclusions (for example, are the window coverings included in the purchase?)

• The date you want to take possession (“closing day”)

• A request for a current Land Survey

• The date the offer expires

Any other conditions that must be met before the contract is finalized (for example, a satisfactory home inspection)

The Price

When making an offer on a house, be prepared to negotiate. Your negotiating power will depend on a few factors. The current market conditions in the immediate neighbourhood will dictate whether you can make a lowball offer – a likely scenario in a buyer’s market – or perhaps an offer that’s higher than the asking price, which became common in the record-breaking seller’s market brought on by the pandemic.

Deposit

While “deposit” and “down payment” are often used interchangeably, they are different. At the time of the offer, the buyer should come prepared to put a deposit on the home they hope to buy.

The deposit will be rolled in with your down payment, showing the seller that you’re serious about buying the home and that you have your finances in order. If the buyer walks away from the deal, they will typically forfeit their deposit.

There’s no standard deposit amount. It will vary based on the property type and the buyer’s desire for the particular home. The deposit is generally given to the seller’s agent to be held in trust until the deal is finalized, but some sellers may require the deposit to be placed in an escrow account.

Down Payment

A down payment is the amount of money paid up-front as a lump sum when you buy a home. It is calculated as a percentage of the total purchase price.

In Canada:

• For homes with a purchase price of $500,000 or less, the minimum down payment is five percent.

• The minimum down payment for homes priced $500,000-$999,999 is five percent for the first $500,000 and 10 percent for the remaining portion.

• Homes over $1.5 million require a 20-per-cent deposit.

Keep in mind that this is the bare minimum required to qualify for a mortgage. However, anything below 20 per cent is considered a “high-ratio” mortgage and requires mortgage loan insurance.

Mortgage default insurance, or mortgage loan insurance, protects the mortgage lender if you aren’t able to make your monthly mortgage payments. While mortgage loan insurance is required if you have less than a 20-per-cent down payment, a lender may still require it – even if you put the complete 20-per-cent down – especially if you’re self-employed or have a poor credit history.

Firm Versus Conditional Offer in Real Estate

With the competitive market brought on by the pandemic, it was common to hear of bidding wars where buyers would make an offer without any conditions. This is called a firm offer. The buyer is 100 per cent certain of the purchase. They do not require any conditions for a home inspection or financing. Once the offer is made, the buyer can’t back out of the deal.

Conversely, a conditional offer requires specific terms to be satisfied for the offer to be valid. These conditions protect the buyer; some common conditions include:

• Purchase conditional on financing: This is a common condition for first-time homebuyers making an offer on a house, and it requires the sign-off of the mortgage lender for the deal to go through. The buyer will have a few days to get this, and the process will include a home appraisal. If the lender does not agree to finance the property, the buyer will notify the seller, and the offer becomes null and void.

• Purchase conditional on home inspection: A home is likely the biggest purchase you’ll make in your lifetime, so it’s always recommended that the offer be contingent upon a satisfactory home inspection. A professional home inspector will look at things in and around the home that are openly visible (they will not be opening up walls or floors). The inspector will examine the structure, roof, plumbing, heating, and electrical systems to ensure the house is in good condition. If the home isn’t up to par, this condition allows the buyer to request repairs, a price reduction, or to rescind the offer entirely.

• Purchase conditional on the sale of a home: If a prospective homebuyer already owns a home, they may want to ensure it is sold before agreeing to purchase a new property. This isn’t ideal for the seller, as every condition has a potential domino effect.

A firm offer is typical in a hot market. With all other things being equal, a seller is more likely to accept an unconditional offer over one that could fall through for several reasons.

Negotiations

An experienced real estate agent will be able to advise you on what you can realistically negotiate, depending on the market conditions. In a buyer’s market, you hold the cards, knowing that there are plenty of other options on the market. In a seller’s market, you compete with other buyers vying for the same property, so quick action and a strong offer are more likely to work in your favour.

When entering negotiations, you must have a clear understanding of your bottom line and your top limit. Your real estate agent will present your offer to the seller’s agent, who will either accept, reject, or counter your proposal.

If your initial offer isn’t accepted, be prepared for a counteroffer. This is where knowing how low an offer to make on a house can provide negotiating room. Some negotiation strategies to consider:

• Start with a reasonable offer that respects the seller’s position while protecting your interests.

• Respond promptly to counteroffers to maintain momentum.

• Be willing to compromise on less important terms while standing firm on your deal-breakers.

• Consider non-price factors that might appeal to the seller.

• Know when to walk away if the deal no longer makes financial sense.

In multiple-offer scenarios, you might not get a second chance to negotiate, so your initial offer should reflect your best terms.

Legal

Your offer is a legal document, so ensure you read and understand everything outlined within it. If you don’t, you shouldn’t sign the offer until you’ve reviewed it with a lawyer. Once accepted, an offer becomes a binding contract that establishes the rights and obligations of both buyer and seller.

It’s advisable to have a real estate lawyer review your offer before submission, particularly for complex properties or transactions. After acceptance, your lawyer will handle the closing process, which includes title transfer, registration, and the disbursement of funds.

Feeling Better About How to Make an Offer on a House in Canada?

Buying a home is a big deal, from the shopping and vetting process to the financial and emotional commitment you’re about to make. The offer is also a legally-binding document.

All your questions about making an offer on a house are valid, as even seemingly minor details will have a domino effect throughout the rest of the purchasing process and even long after you’ve taken possession.

Don’t go it alone. Work with an experienced REMAX agent and an experienced real estate lawyer to avoid potential pitfalls and ensure your best interests come first.

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If you’re a homebuyer, owner or seller, you want to maximize your investment, and one way to do that is with home renovations that add value.  Your ROI in resale, whether you’re renovating for near-term resale or long-term liveability, will depend on a number of factors, such as local housing market conditions, your level of investment, and trends as dictated by demand. With that said, there are some home renovations that people often consider “money in the bank.”

Renovations on the Rise

For home sellers, the right renovations may help find a buyer faster, and one who’s potentially willing to offer a higher price. On the buying side, renovating a fixer-upper home is one way homebuyers can get into their neighbourhood of choice at a lower price. Meanwhile, for homeowners who aren’t quite sold on moving, renovations have become a way to get the home they want and need, without having to move before they’re ready. Post-pandemic, as Canadians grappled with a severe housing inventory shortage, renovations quickly took centre stage.

So, what reno trends have Canadians been digging into, and which ones are worth the effort? We surveyed REMAX Canada brokers and agents from coast to coast, for their professional opinions on the top home renovations to consider.* Here’s what they had to say.

9 Home Renovations That Pay Off on the Resale Market

Kitchen Renovations

93.5% of REMAX brokers said kitchen renovations give the best ROI, including new or updated cabinets, countertops and appliances. This can be attributed to the scale, cost and the general inconvenience (albeit a temporary one) of a kitchen renovation. Yes, renovating the kitchen yourself once you take possession of the home will be cheaper, however many homebuyers simply don’t want to put themselves through it – especially if they just completed a kitchen renovation on the home they are selling. The “move-in ready” factor is significant.

Bathroom Updates

61.3% of REMAX brokers identified bathroom renovations as a great high-return renovation. By the same logic as the kitchen renovation, homebuyers who want move-in ready homes with all the bells and whistles generally don’t want to take on expensive, time-consuming and inconvenient renovations, such as bathroom.

Fresh Paint

58% of REMAX brokers said a fresh coat of paint is the simplest and cheapest investment, and it pays off on the resale market. Aside from giving the home an instant refresh, home stagers also recommend light and neutral paint colours to make a home appear bigger, brighter and cleaner.

New Floors

45.2% of REMAX brokers said new flooring is a popular upgrade among homebuyers. Homebuyers largely prefer hardwood or tile over wall-to-wall carpets, which tend to trap stains and odours, and can really show a home’s age. This is a must, and if the seller is lucky, tearing up that old carpet could even reveal a hardwood floor underneath that just needs some TLC to bring it to its former glory.

Finished Basement

16.1% of REMAX brokers said finished basements are a great selling feature on the resale market. In fact, any renovations that add liveable square footage to a home are always in demand. A lower-level family room, home office, an extra bedroom or bathroom in the basement can all give your listing a significant boost at the offer table.

Outdoors & Landscaping

12.9% of REMAX brokers said outdoor projects can provide good ROI. As a result of the pandemic, people have been spending more time at home and thus, large years, pools and hot tubs, decks and patios, and landscaping are all appealing on the resale market. Depending on the scope of the project, this could be one of those low-investment, high-return upgrades that pay off on resale.

New Roof

12.9% of REMAX brokers said roofing was a good option to invest some renovation dollars before listing a home for sale. New roof tied in sixth place with outdoor projects and landscaping.

Open-Concept Floor Plan

9.7% of REMAX brokers said redesigning a home with an open-concept floor plan can pay off. This isn’t a small or inexpensive project by any means, but removing wasteful walls and halls can instantly modernize an older home and make it live larger than its actual square footage would otherwise allow.

Replace Windows

6.5% of REMAX brokers said new windows net higher offers on the resale market. While this isn’t exactly the sexiest of renovations, astute buyers will appreciate the tens of thousands of dollars that new windows will cost, so having these replaced before listing can benefit both buyer and seller. Furthermore, new windows can give your home an understated refresh, inside and out.

If you’re planning to buy or sell, or want to transform your new place into your forever home, some thoughtful renovations can help you make the most of your investment. A professional real estate agent can provide advice and tips based on real market conditions, so you can dig into your renovations without reservations.

Ready to take the next step in your real estate journey?

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*Insights based on the 2021 REMAX Renovation Investment Report.

After years of volatility, rising rates, price swings, and wavering buyer sentiment, the Canadian housing market may finally be inching toward a turning point, according to the latest REMAX housing market report. Instead of a dramatic rebound, 2026 is shaping up to deliver something buyers have been craving: a bit more affordability and a lot more predictability. With rates easing and inventory improving in key regions, many Canadians are rethinking their timelines, even if confidence isn’t fully restored. 

Here’s what’s driving the shift: 

Buyers Are Warming Up Again 

It’s been a cautious year, but confidence is creeping back. One in 10 Canadians plans to buy a home in the next 12 months, thanks to softer prices, more choice, and early signs of stability. After months of wait-and-see, many feel the window to re-enter the market may finally be opening. 

A Fresh Wave of First-Time Buyers 

First-timers aren’t just returning; they’re becoming a major force. Half of all potential buyers fall into this group, many of them younger Canadians who feel more hopeful about the economy heading into next year. With easing conditions, they’re dusting off their savings strategies and getting ready to act. 

GET THE 2026 HOUSING MARKET OUTLOOK

 A Small Rate Drop Could Make a Big Difference 

For nearly a quarter of Canadians, one thing could seal the deal: a further 0.5%–1% drop in interest rates. With the Bank of Canada already cutting rates through 2025, even small adjustments could trigger a surge of pent-up demand in early 2026. 

 Location Decisions Are Shifting Again 

Return-to-office mandates are back on the radar, especially for younger buyers. Commute times, transit access, and neighbourhood flexibility are once again shaping searches. For many, the “right location” now means balancing affordability with a realistic weekday routine. 

 Markets Across Canada Are Stabilizing 

Whether you’re looking west, east, or somewhere in-between, most regions are moving toward balanced conditions. Ontario and B.C. saw prices cool, Prairie markets held steady, and Atlantic Canada continues to shine with predictability and modest growth. After years of extremes, balance is a welcome change. 

 The bottom line is that Canadians haven’t given up on homeownership but they’re approaching it with clearer eyes and firmer expectations. Slower rate cuts, affordability hurdles, and economic unease mean 2026 won’t be a dramatic comeback for everyone. Still, if current trends continue, it could be the first year in a long time where the market feels a little more dependable and that alone may be enough to bring hesitant buyers back in. 

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